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Bookkeeping

Bookkeeping – is the main financial information management system, including financial statements, budgets, payroll, taxes, etc. It recorded, classified and summarized in the data, enabling assessment of the company’s assets, funds, operating results and financial condition.

Taxes

Taxes – it is a state a fixed amount of money required to pay from their own performance or to carry out, you want to perform the action. The fees charged by each engaged in economic activity at the time and procedure. The main taxes are paid for the employment relationship and for the activities.

The tax payer must taxes to calculate, declare, pay. In some cases, tax calculate, declare and pay the required non-taxpayer and another person, for example, for an employee population of the income required to pay the employer.

Generally, the fees required to be paid by each company:

Income tax payment depends on how much the company employs people, and what a year results in tax revenues, it may be 15 or 5 %. In that case, if the creation of a single undertaking, as well as some of the company employees is more than 10, and the tax period income of 300 000 euros or greater, the company is required to pay 15 % income tax, otherwise the company pays a 5 percent income tax. When paid income tax by the state. If the income exceeds eur 300 000, then the paid advance, on a quarterly basis.

Value added tax pay only the VAT payers. At the moment the set VAT rate is 21 %. VAT tax can be paid for monthly or every six months.

Real estate tax in every municipality is different, usually contained in the 0.3 – 1 % range. Generally paid on an annual or quarterly basis. Of the estimated declared tax amount of the taxpayer, the State tax inspectorate shall inform the submitting the tax declaration.

Their activities in support of continuous improvement principle, the Added Value is provided by the tax planning and specialized legal advice services. The individual business challenges – Added Value the value added generated in the part. Adapted innovative legal tools to control the undertaking tax liabilities that the company’s finances are managed in a safer and more comfortable.

VALUE ADDED TAX (VAT)

VAT is one of the most important Lithuania’s budget tax, accounting for about half of all revenue. This indirect tax is added to the goods or services the price, making it ultimately borne by the final consumer. The company acts as an intermediary between the buyers and the state budget, through the payment of the difference between the received and paid in VAT. At the moment the set VAT rate is 21 %. VAT tax can be paid for monthly or every six months.

Businesses VAT allows for the deduction, reducing the amount due or the recovery of overpayment. Overpayments occur when a company purchases exceed sales, usually for the acquisition of assets or sales abroad. From 2015. the entry into force of the amendments, construction services are often performed with the reverse charge VAT, and it also leads to excess.

Companies with expenses abroad are often faced with a tax problem. Usually, the fee paid is returned, but for some characteristics of ignorance can only prisidaryti unnecessary worries. Each country applies different laws, certain legal terms, you can quite neišmanyti, as well as the new EU system, aiming to facilitate the return procedure has a lot of nuances and requires many specific expertise and staff time, which can be used for more effective operation of the undertaking. Finding the one – the technical requirements and tax refund can be a challenge! Foreign tax administration costs may significantly reduce the potential benefits. It's the same with Lithuania on taxes and on their return. It takes a lot of time and requires the legal knowledge, specific knowledge.

The company, which time shall establish and implement appropriate tax saving measures, may be much more efficient use of cash flow, increase profits and return on investment. The planning of taxes, it is necessary to follow the statutory requirements and tax administrative authorities of the practice, to avoid the risk that inappropriate tax saving actions will be recognised for tax evasion.

The main tax optimization objective – legal means to achieve that charges to minimum. Only a good knowledge of the tax structure, and the use of legislation advantage of the tax opportunities available to reduce the tax costs, tax optimization is understood as the business structure of the legal tax reduction on the model of the creation or correction of, a transaction with the purpose to reduce the tax burden.

The tax system of interconnected and complementary, restrictive, and the interdependence of the tax system consists of the companies and the population pay taxes. They are paid to the state budget, municipal budgets, or nebiudžetinius funds. Fees in accordance with the sampling method is divided into direct and indirect.
Indirect taxes directly related to the payer's income property. The final and actual indirect tax payer is a consumer.

Indirect taxes are considered as excise duty, value added tax, customs duties. Specific indirect tax form is the employers ' compulsory social insurance contributions, which are included in the production cost. Indirect taxes are important, since a large part of the Republic of Lithuania, the state budget revenue. Indirect taxes requires a certain harmonization of the level, since they have an impact on the free movement of goods and freedom to provide services.

As an individual company, it is the unlimited liability of a legal person. This kind of undertaking, property law, may belong to a single individual. In order to establish an individual enterprise law does not require any minimum amount of initial capital, so the business started with a good idea and low initial funds. An individual company can do the work neįdarbinant other workers, in other words, in such a company may work alone only the owner and members of his family.

Individual company charges for minor requirements – applies to condensed financial statements. In the first fiscal year, in order to help the newly atsidariusioms businesses, the tax inspectorate of specialists, even after setting the breaches of the legislation, a new company to the tax payer first, not punishing, and warn, advise, provide the necessary aid and specifies the terms to correct the mistakes.

The Added Value specialists provide a large variety of advice on tax matters. We advise on legal entities in the tax calculation for the declaration of matters, including preparation of requests and responses to the State tax inspectorate of the tax payment deferral, the overpaid tax credit or refund, tax exemptions, as well as advice on natural persons, income, property and other tax issues and provide advice to other tax issues.

Report

The public is increasingly interested in how responsible the company seeks to achieve its objectives and how responsible is able to reveal. Responsible organisation accountable to its stakeholders about the ongoing activities of the employees, customers, market participants, or the public. Quality reports are prepared according to certain guidelines, that the interested parties and the same undertaking would be easier to understand and assess responsible activities, track the results and impact on society. In other words, the reporting is a tool that allows the public to deliver the organisation’s activities, promotes the efficient management of the used resources.
Report, it is a tool that facilitates the exchange and achieve their goals. The organization of the results should be presented in a broader sustainability context. Professionals highlights that the quality of the report do not necessarily have to be very high. Organization report may store and a few leaves, but only when the report is presented in the figures.

The Added Value will prepare and provide necessary reports to the State tax inspectorate or the Case, fill in the annual reports of the center of Registers, and will prepare the other, according to Your needs, reports. Our qualified team are not insurmountable and unsolvable tasks, so using the latest accounting technologies in business, strive for the highest results. The Added Value from which the progress of Your business!

Profit and loss statement – this is an important criterion in the assessment and development of the company's activities. The income statement summarises how Your business fared in the last quarter or a year: how much money the company earned (revenue), how much spent (expenditure) and the last two the difference (profit/loss). Profit and loss account to show You whether the business is booming – running a profitable, or the company's profits increased and the like.

The profit and loss before income taxes resulting from the gross profit (loss) minus selling, general, administrative expenses plus other operating results. Net profit (loss) shows the final activities of the company result – earned profit or loss, which is obtained from the profit (loss) before tax less income tax expense.
Profit (loss) for the report is divided into two parts: income and expenses. Income is the money within a certain period of time to the company from the sale of goods or services. The investor must pay attention not only to the last quarter or year revenues, but also the evolution of the income of the company for the past few years, so the investor can form a better impression about the growth of the profit or downward trend.

Profit and loss statement is one of the financial statements of the parts in Lithuania in the profit and loss account information developed in accordance with the business accounting standards, which are developed in the context of the European Union directives and international accounting standards.

Corporate financial reporting is in accordance with a standardised form, on the basis of the accounting standards prepared by the company's document, which describes its financial position for a certain period of time. Distinguish between the main three financial statements: the income statement shows the firm's revenues and costs and their structure during the reporting period, the balance sheet – provides a snapshot of the information sheet date of the company's financial condition, in addition, we can see for what amount the company has assets, how much is indebted, in any of its accounts receivables and cash flow statement, which provides the information about the money the movement of the businesses in the main, investing and financial activities. Also the annual financial statements for the need of changes in equity statements, explanatory, which is detailed in the financial statements of the information provided.

Almost all companies must prepare annual financial statements according to business accounting standards and submit to the center of registers in an electronic format. There for her for a fee, is all publicly available. The annual report shall be prepared and approved by the general meeting of shareholders within four months of the fiscal period end. Within 30 days of approval, they shall be presented in the center of registers. Although all companies required to prepare their annual financial statements, but it should be remembered that corporate financial statements can be not only an annual. If the company shares or bonds are listinguotos exchange, these companies need to prepare and submit interim financial statements. Meanwhile, all the more even and exchange nelistinguojamos companies are generally also prepares quarterly reports. The company is doing so for their own needs, and the creditors, insurance companies requirement.

You accept that the financial statements are the main source, in order to assess business activities. In balance, this is one of the main three of the company's financial statements, thanks to which, we can see the company's immediate financial position for the period to which the balance sheet is drawn up.
On the basis of balance sheet data, counted in the company's financial reliability indicators for the existing customers, suppliers or other partners can assess the cooperation risk.

We can accept various detail of the balance sheet reporting, however, commonly distinguished three main blocks: assets, equity, liabilities, among which there is always a balance – balance. Assets – the company's resources to carry out the activities, in anticipation of economic benefits. Liabilities – obligations, which result from the activities of the company at the time and for that to be settled in a given period in the future, and the shareholders ' equity of the shareholders, the owners of the property. It is important to mention that the assets will always be equal to liabilities and shareholders 'or owners' equity amount. If the company's assets increases, then so will Your company's liabilities and equity.

Need help with reports?

The Added Value will prepare and provide necessary reports to the State tax inspectorate or the Case, fill in the annual reports of the center of Registers, and will prepare the other, according to Your needs, reports. Our qualified team are not insurmountable and unsolvable tasks, so using the latest accounting technologies in business, strive for the highest results. The Added Value from which the progress of Your business!

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